Arizona State Retirement System Has $592,000 Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Arizona State Retirement System trimmed its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 2.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 5,899 shares of the construction company’s stock after selling 138 shares during the period. Arizona State Retirement System’s holdings in Patrick Industries were worth $592,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PATK. BlackRock Inc. boosted its position in Patrick Industries by 5.8% during the first quarter. BlackRock Inc. now owns 3,691,563 shares of the construction company’s stock worth $222,602,000 after purchasing an additional 201,274 shares during the period. Vanguard Group Inc. boosted its position in Patrick Industries by 4.4% during the third quarter. Vanguard Group Inc. now owns 1,860,048 shares of the construction company’s stock worth $81,543,000 after purchasing an additional 78,014 shares during the period. Dimensional Fund Advisors LP boosted its position in Patrick Industries by 9.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,298,834 shares of the construction company’s stock worth $89,370,000 after purchasing an additional 109,174 shares during the period. Pacer Advisors Inc. boosted its position in Patrick Industries by 39.7% during the fourth quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock worth $104,972,000 after purchasing an additional 297,381 shares during the period. Finally, State Street Corp boosted its position in Patrick Industries by 3.8% during the first quarter. State Street Corp now owns 760,855 shares of the construction company’s stock worth $45,880,000 after purchasing an additional 27,636 shares during the period. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Trading Up 0.7 %

PATK opened at $103.40 on Friday. Patrick Industries, Inc. has a twelve month low of $63.57 and a twelve month high of $123.58. The company has a 50-day simple moving average of $113.09 and a 200 day simple moving average of $96.85. The company has a quick ratio of 0.73, a current ratio of 2.38 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 15.88, a P/E/G ratio of 0.67 and a beta of 1.72.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, February 8th. The construction company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.10. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The business had revenue of $781.20 million during the quarter, compared to analysts’ expectations of $780.97 million. During the same quarter in the prior year, the business posted $1.82 earnings per share. Patrick Industries’s revenue was down 17.9% compared to the same quarter last year. Analysts predict that Patrick Industries, Inc. will post 8 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Tuesday, February 20th were given a dividend of $0.55 per share. The ex-dividend date was Friday, February 16th. This represents a $2.20 annualized dividend and a yield of 2.13%. Patrick Industries’s dividend payout ratio is 33.79%.

Analyst Ratings Changes

A number of research firms have commented on PATK. Roth Mkm lifted their price objective on shares of Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. StockNews.com cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. KeyCorp boosted their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, February 9th. Finally, Truist Financial reissued a “buy” rating and issued a $130.00 target price on shares of Patrick Industries in a research report on Friday, April 12th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.00.

Insider Buying and Selling

In related news, insider Kip B. Ellis sold 18,000 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $115.00, for a total transaction of $2,070,000.00. Following the completion of the sale, the insider now owns 108,778 shares of the company’s stock, valued at $12,509,470. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Patrick Industries news, CEO Andy L. Nemeth sold 10,000 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $115.00, for a total transaction of $1,150,000.00. Following the completion of the transaction, the chief executive officer now owns 289,619 shares of the company’s stock, valued at $33,306,185. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Kip B. Ellis sold 18,000 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $115.00, for a total value of $2,070,000.00. Following the transaction, the insider now directly owns 108,778 shares of the company’s stock, valued at approximately $12,509,470. The disclosure for this sale can be found here. Insiders sold 48,873 shares of company stock valued at $5,681,957 over the last quarter. 4.70% of the stock is owned by company insiders.

Patrick Industries Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.